A former wealth advisor who is currently serving five years in prison for conducting a multi-million dollar investment fraud has been barred by the SEC from the financial industry, the SEC announced Friday.
James R. Holdman, formerly of Baton Rouge, La., pled guilty to two counts of mail fraud last year and was sentenced in February to prison in U.S. District Court for the Middle District of Louisiana and ordered to repay victims $7.9 million.
Holdman, while working for Greenwing Securities Inc. in Louisiana and Mississippi, lured clients into investing in three funds. He provided falsified monthly statements to investors detailing the balance of their accounts and monthly and year-to-date return on their investments. He then used the falsified statements to get investors to keep their money with Greenwing and get others to invest, the SEC says.
In reality, he lost almost all of the investors’ money, the SEC says.